By Svea Herbst-Bayliss
NEW YORK (Reuters) – Hedge fund Engine Capital Management is gearing up for a boardroom fight at Lyft and has nominated director candidates to the ride-hailing company, sources familiar with the matter told Reuters.
The activist investor has pushed the company in recent weeks to address its sagging stock price and strategy, the sources said. The company has a dual class share structure, which has also been a point of friction for investors.
Engine owned less than 1% of Lyft at the end of December, according to a regulatory filing. The company requires anyone who nominates directors to own at least 1% of the company, according to a filing made last year.
Lyft currently has 10 board members.
The company is currently valued at roughly $5 billion and its stock price has tumbled 37.4% in the last 52 weeks.
A representative for Lyft was not immediately available for comment and a representative for Engine declined to comment.
(Reporting by Svea Herbst-Bayliss; Editing by Chris Reese)
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